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Thank you.

NDX Want to -hedge vega risk without leaving the expiry of the core position. -do it in a way that has a ramp up in the -10% range without sacrificing too much theta -up front debit isn't too crucial, I'd rather pay more for more negative deltas that sacrifice theta (if IV is currently low)...

Thank you. Here are the strikes. It's a variation of a BWB that carries very low gamma at a cost of carrying very negative vega. I have experimented using calendars at the 30d (same expiry) which do nicely to hedge vol on large IV spikes, but they are wildly unpredictable and have been hard...

Didn't make sense? I guess I need to know more about what's not making sense about asking for a creative way using puts to deal with vega risk in a grind down?

How would you work to limit vega risk with these greeks? This is a BWB. Calendarizing the upper long looks very attractive, but I worry about weighted vega and term structure voodoo outside my wheelhouse. This is a vol hedged position FYI, but the hedge is very far OTM. Would love to find a...

Check out www.travelsandtrades.com. Patrick is an ex pro poker player who now trades options (and travels with his family) full time. His blog led me to www.tradingdominion.com, where he is still active in their community. Changed my entire trading paradigm, very cool group and very cool...

Using this pullback to close this mistake with a scratch and re-evaluate. New position coming soon.

T+0 line as of 10:40 CDT. Call doing all the heavy lifting in the P&L, thankfully because the above f*ck up happened so early in the trade.

It occurred to me yesterday afternoon that the above decision was made based on me accidentally using the Delta number projection as the Gamma projection. I shouldn't have rolled down. Lack of sleep and moving too fast. Market is definitely making me pay for my stupid mistake by spiking the...

After today's move down to my short strikes, I examined the position and saw some minor Gamma risk to the downside. I rolled the 1520 flys down 20 points to 1500. The 1520 fly was up $2200 at the time of sale, with the call down about $2k currently. Gamma is much safer now. Here are the new...

Decided against doing anything after today's Fed induced kick in the nuts. Market action essentially corrected my Delta for me. Delta and Gamma are nice and flat, Theta is positive, Vega is negative. All is well for now. Analyze Graph:

I'm slacking big time on this thing. I had forgotten how much an infant can be a complete normalcy destruction machine. The most recent trade above I was in until about 3 days before expiry and made about $1800 profit. The consistently low volatility makes profitability that much more...

A few moves with no journaling the last few days' my 2nd son was born. Whirlwind times! On the spike last week I rolled up my 1540 to 1590, and in typical fashion, Trump came out and killed the market with tariff talk. I am in a defensive position once again with my 1590, and today I...

Just checking in. Have to reiterate that I love this trade. I was as calm as a Hindu cow during the Fed's rate decision, even with the price of RUT above my profit range, because I'm hedged! The only way I would have lost any money today would have been if RUT crashed 90 points, a 5% down...

Out of curiosity, why not play an asset that allows you to take wider stops without needing to risk as much? I switched from trading ES and NQ to RTY a while ago because it's so much easier to scale into. Still $50 a point, but unlike NQ and ES, it moves in 10c increments, not 25c, which just...

Damn it all with these price spikes. My vega turned positive today, and so I had to think about what to do. Because of the low volatility, the original butterfly position did not have a lot of money in it, and more importantly, I needed to buy a call that was closer to the money to offset what...

OK, fixed the June entry. June 10-20-10 fly with 50 point wings, body at 1540, roughly 30 points below current price. Greeks: Analyze Graph: Wishing we had more volatility, not digging a fly trade in a low volatility environment, but the appeal of this trade remains it can withstand a...

Hey all Have not posted in awhile sorry. Been very busy with current job and new baby on the way. Wanted to check in. I closed this trade today at 2:45 for a $1400 gain after a lot of volatility and a nice down move today. I definitely cramped my profits with some bad luck with upside...

Link? Or is it spread out all over the place?

Can you elaborate a bit on what you mean by "roll a few pyramids"?